Poland’s state nuclear project company Polskie Elektrownie Jądrowe (PEJ) has signed a first loan agreement with the Export Import Bank of the US (US Exim) for construction of the European country’s first commercial nuclear power station.

The direct financing agreement is the first concluded between the US export credit agency and a Polish entity, marking an important milestone in the financing process for the nuclear station, in the northern province of Pomerania. PEJ did not say how much the loan agreement was for.

‘We are consistently moving from letters of intent to first agreements,” said PEJ president Marek Woszczyk.